The third meeting of the EU-Armenia Investment Coordination Platform co-chaired by Mher Grigoryan, Deputy Prime Minister of the Republic of Armenia, and Vassilis Maragos, Ambassador, Head of Delegation of the European Union to Armenia, took place today at the Government House. The platform brings together the Government of the Republic of Armenia, the European Union (EU), and international financial institutions (IFIs) to facilitate investments in Armenia, promoting sustainable development and economic growth in the context of the EU’s Economic and Investment Plan (EIP) and its flagships for Armenia.

During the meeting, essential infrastructure investments were discussed. The Caucasus Transmission Network project, which will allow for the connection of the high voltage transmission network of Armenia with the Georgian electricity grid, will help achieve a reliable, flexible and mutually beneficial cross-border power exchange not only between Armenia and Georgia but also within the South Caucasus. The Sisian Kajaran road, for which the Government of Armenia signed loan agreements with the EBRD and EIB of EUR 236 million each, isa vital segment of the north-south transport corridor and thus a critical project for Armenia’s national and regional connectivity; once this section of the road is completed, the travel distance in the country is expected to be substantially reduced. The “Resilient Syunik Framework Loan” a new project  on municipal infrastructure  in Syunik was also part of the agenda.

Recent agreements signed between the Government of Armenia and IFIs in line with EU-Armenia Investment Coordination Platform were discussed during the meeting. In particular, the extended support for energy efficiency improvements across Yerevan through more than EUR 10 million EU grant and EUR 25 million EIB loan to support the municipality of Yerevan to increase energy efficiency  of over 100 000 m2 of public buildings; as well as almost EUR 70 million financial package for Armenian companies to get enhance access to finance.

The meeting concluded with a commitment to continued cooperation in the context of the Platform and to further explore new investment opportunities in Armenia under the new Resilience and Growth Plan. The authorities expressed the need to further support the development of Armenia’s quality infrastructure and capital market to further strengthen trade and economic diversification. The EU will provide €270 million assistance for the period 2024-2027, €200 million in grant assistance and €70 million in grant funding to leverage investments in connectivity, resilience and business development.